Bitcoin prices on Mt Gox rebound more than 60%

Prices soaring since the company has issued a press release detailing a solution to recent problems

It has taken Mt Gox a bit more than 6 hours to complete their fix implementation of a workaround to the “transaction malleability” issue, but we have a winner now and those might be the customers at the exchange. According to the press release issued by the company withdrawals might be officially enabled soon and issues related to transaction malleability are mitigated. Following the news prices have recovered from yesterday’s lows around $220.

The company is thankful to that have actively contributed to the workaround. The fix will use a unique identifier that was created by Blockchain to show whether transactions have been modified or not. The result is preventing any attempts of fraudulent activity related to the malleability issue.

The company aims to issue its next statement by Thursday as it will be implementing several steps that will launch the new system. Daily and monthly withdrawals will be implemented to prevent problems with the implemented solution and the resulting volatile market conditions. We are already wondering what would those limits be… after all this exchange could well be dead in the water since any sound minded customer would be withdrawing and running away fast from Mt Gox.

A new Bitcoin withdrawal queue will be implemented as part of the solution alongside the re-indexing of the entire Blockchain. The company has also added a new login system that requires customers to access their email to successfully login for additional security reasons. Stay tuned to LeapRate as we will keep our readers posted on how this one develops – it definitely isn’t over yet!

For the full press release visit Mt Gox’s website.

For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report. 

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